Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.
KUALA LUMPUR: Property company MCT Bhd's earnings jumped 490% to RM30.78mil in the third quarter ended March 31, 2018 from RM5.21mil a year ago, boosted from the sale of its investment.
It announced on Tuesday its revenue was down 5.8% to RM126.31mil compared with RM134.09mil a year ago. Its earnings per share were 2.11 sen compared with 0.39 sen.
MCT said the higher earnings were from its Lakefront and Cybersouth project’s savings declared in current quarter.
Effective tax rate for the current quarter was 35% compared to 42% a year ago.
MCT said on Dec 8, 2017, its unit One City Development Sdn Bhd (OCD) entered a conditional share sale agreement with BRAS Venture Bhd to sell its 100% stake in One City Properties Sdn Bhd – comprising 3.5 million shares for cash consideration for RM7.5mil.
“The conditional sale was completed on Jan 31, 2018 and resulted in a net gain of RM17.9mil.
“The divestment was in line with the group’s strategy to unlock value through monetisation and opportunistic divestment while increasing its working capital for ongoing property development projects,” it said.
As for its revenue, MCT said they included property development projects such as Lakefront @ Cyberjaya, Skypark @ Cyberjaya and Cybersouth which have varying stages of completion and take-up rates due to launch schedules.
Skypark @ Cyberjaya and Lakefront Villa @ Cyberjaya were in their tail-end phases of completion by the current quarter which factors in a slower completion rate versus the same quarter of the previous financial year.
MCT also explained inventories have been mostly used with a few remaining inventories in the last quarter of fiscal year 2017 enabling lower take-up rates for Lakefront Residences. Also, there have been no launches in the current quarter.
Savings have been realised for Cybersouth Green Casa and Casa View (Phase 1B and 2B) which are in tail-end phases of completion, in current quarter.
On the revenue, it said property development segment contributed to 93% of the total business revenue of compared with 92% a year ago.
MCT said its gross profit margin was favourable at 45% in the current quarter compared to 29% a year ago mainly from savings from Lakefront Homes.
In addition, as most of the projects are nearing its completion stage, savings have been realised for Skypark, two phases for Cybersouth and Lakefront Villa. The launching of Cybersouth Bellevue (Phase 1C) also attributes to a higher gross profit margin contributing to higher gross profit rates for the current quarter.
For the nine months ended March 31, 2018, its earnings rose 4.5% to RM47.62mil from RM45.56mil in the previous corresponding period due to one-off gain offsetting lower completion rates and take-up rates as inventories cleared in last year.
Effective tax rate for the current year was 32% as compared to 26% of the preceding year for corresponding period due to under-provision for prior year and non-deductible expenses.
Its revenue fell 33.6% to RM279.50mil compared with RM420.93mil a year ago.
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